In a report published by the Wall Street Journal, the U.S Treasury Department has recently announced that it is preparing to introduce a series of sanctions to combat the growing incidence of cryptocurrency ransomware attacks.
But even with this official announcement, the department didn’t give exact details on what specific ransomware will be sanctioned.
What is clear is that the Biden administration will start ramping up its efforts against cybercriminals who, just like terrorists, have proven to be a clear threat to the United States.
Targeted attacks
The Treasury Department also clarified that even with the administration’s soon-to-roll out sanctions against crypto-related cyber attacks, it wouldn’t put a big leash on the country’s crypto industry.
Instead, the government would launch targeted attacks, to effectively pin down crypto criminals while not affecting the growth of the cryptocurrency industry.
The department also said that the government has no choice but to send a clear message to cybercriminals that the United States is ready to retaliate and protect Americans against attacks.
New breed of criminals
Cryptocurrencies, especially bitcoin, were specifically created to provide financial benefits to citizens by providing them with speed and privacy in transferring their funds.
But consequently, these features have also become an avenue for criminals to conduct their operations anonymously, making it hard for the authorities to track them.
Colonial Pipeline, JBS, and Kaseya are some of the big companies that were recently attacked by crypto cybercriminals.
These companies have either retrieved some of the ransom or mitigated the attacks, but cybercriminals have already proven that even big companies can be sitting ducks.
Richard Downing, deputy assistant attorney general in the Criminal Division of the Department of Justice, said that the government is already considering improving its crypto tracking capabilities.
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